Breaking the "debt trap" theory, China responds to doubts with mutual benefit and win-win

 China News Agency, Beijing, March 8 (Zheng Jiawei and Wang Tao) When Chinese Foreign Minister Qin Gang talked about the "Belt and Road" initiative at a press conference on the 7th, he clearly responded to the so-called "debt trap" theory: this "hat" cannot be buckled anyway. to China. During the two sessions of the country, many committee members and scholars also responded to doubts with examples: the "Belt and Road" initiative can provide the world with more opportunities for cooperation and broader development space, and the so-called "debt trap" is actually a "discourse trap."

Mutual benefit and win-win response to doubts

In an interview with a reporter from China News Agency, Gu Xueming, member of the National Committee of the Chinese People's Political Consultative Conference and director of the International Trade and Economic Cooperation Research Institute of the Ministry of Commerce, quoted figures to respond to the "trap" question: the World Bank report predicts that by 2030, the "Belt and Road" initiative is expected to help 7.6 million people around the world Escape extreme poverty and lift 32 million people out of moderate poverty. Over the past 10 years, the achievements of the "Belt and Road" have proved that what it brings to countries along the route is by no means a "trap".

Gu Xueming pointed out that there are two key policy directions to promote the "Belt and Road" initiative: one is to boost confidence and activate stock. We can sum up experience, plan for the future, and build consensus with more relevant parties by successfully holding the third "Belt and Road" International Cooperation Summit Forum; focus on poverty reduction, health, education and other fields, and create more "small but beautiful "Project, enhance the sense of gain and identity of people in more countries, and achieve mutual benefit and win-win results.

The second is to open up and upgrade and expand incrementally. Steadily expand institutional opening up of rules, regulations, management, and standards, increase the comprehensive utilization rate of free trade agreements, accelerate the construction of a free trade zone network covering the "Belt and Road", use institutional integration and innovation to help build a modern industrial system, and maintain industrial and supply chains safe and stable.

People-to-people bond responds to smearing

Hu Sishe, a member of the National Committee of the Chinese People's Political Consultative Conference and former vice-chairman of the Chinese People's Association for Friendship with Foreign Countries, believes that in the process of promoting the "Belt and Road" construction, the true story of the people-to-people connection between China and the countries along the route is itself a response to the West's slander and suppression.

In recent years, Western countries led by the United States have suffered from "China threat paranoia." On the one hand, they attempt to hedge the “Belt and Road” through international infrastructure investment plans such as the “Blue Dot Network”, “Rebuilding a Better World Initiative” and “Global Gateway Project”; on the other hand, they label the construction of the “Belt and Road” as National labels such as "debt trap" and "debt risk".

Hu Sishe suggested that Chinese local governments should increase exchanges and cooperation with countries and regions along the “Belt and Road”, and encourage more civil organizations, social organizations, and non-official organizations to come to the forefront of the “Belt and Road” and promote exchanges with countries along the route , by implementing each concept into a specific project, creating more "face-to-face" and "zero-distance" contact opportunities, paving the way for non-governmental exchanges.

Prescribe the right medicine to reduce the risk

Cai Chunlin, Director of the BRICS Research Center of Guangdong University of Technology, said that the root cause of the debt crisis in some countries is that their economic structures are unhealthy and lack a sustainable development model. China can help these countries promote financial cooperation, build a healthier financial system and economic model, and reduce debt risks.

Qin Gang pointed out at the press conference that according to statistics, multilateral financial institutions and commercial creditors account for more than 80% of the sovereign debt of developing countries. This is the biggest source of debt pressure in developing countries. Especially since last year, the United States has raised interest rates rapidly at an unprecedented rate, and funds from various countries have flowed out one after another, making the debt problems of relevant countries worse.

Cai Chunlin believes that in the future, China can help relevant countries promote economic restructuring and transformation and reduce their debt risks by providing technical assistance, investing in infrastructure, and promoting trade. At the same time, it is necessary to further strengthen international cooperation, promote the reform and improvement of the international financial system, and ensure that developing countries enjoy more rights and opportunities in terms of borrowing and investment.